Bringing a child into your world is an act of compassion, but it also has financial implications which you can’t ignore. According to one study of middle-income families, the average cost of raising a child to age 17 is £233,610. Understandably, such thoughts can cause trepidation, before even considering becoming a foster carer.
One of the most common questions from potential foster carers is, ‘Do I get paid to support a child?’
The short answer is yes- you not only get paid to support a child, but will also receive a personal income. You will also receive generous tax breaks, with the threshold for foster care tax scheme being £10,000 per year. Consequently, many foster carers find they pay little to no tax.
This is because being a foster carer counts as self-employment by the HRMC. You can find out more information about this on their website.
The amount you get paid to become a foster carer depends on how many children you care for, along with their ages. For example, you will receive £340.00 per week for a child aged 11-18 years old. You can see examples of this on our Fostering Payments and Allowance page.
Foster Careline, Suite F10, The Business Centre, Oaklands Office Park, Hooton Road, Hooton, Ellesmere Port, CH66 7NZ
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